News Update why you will Receive Low Payment from NYIF, the Ministry of Youth and Sports Development has been following with interest the reaction of some beneficiaries of the Nigeria Youth Investment Fund NYIF about 2021 NYIF Low Disbursement Payment in 36 States.
Reason for Low Disbursement by NYIF
The Ministry of Youth and Sports Development has been following with interest the reaction of some beneficiaries of the Nigeria Youth Investment Fund NYIF, particularly those expressing disappointment at the N300,000 cap on disbursement under the first tranche of N12.5bn.
- Firstly the framework specified 250,000 as the maximum for individual and eligible businesses that are critical can access up to 3m subject to meeting key criteria set in the guideline and conditions.
- Considering the numbers of applications received, there was need to ensure spread and enable more beneficiaries enjoy the facility.
- It’s pertinent to state that the ministry received over 3million applications for the N12.5 bn that is available; and at the current cap of N300,000 per beneficiary, only about 41,000 beneficiaries can be covered.
- The Ministry is desirous of reaching as many beneficiaries as possible and possible hence the decision to limit loans to the current amount.
The Ministry wishes to state again that #NYIF is not a grant, but a loan targeted at supporting the youth to start small businesses or to inject funds into existing small businesses.
It is important we start and increase gradually, considering that there are lots of first time borrowers as well and that the programmes double edge, which includes capacity building, mentoring, monitoring and support will sustain the beneficiaries and guarantee expected outcome.
some of the applicants have also benefited much from existing intervention, which has supported them and are impacting the economy.
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